Input Stories

Two regional manufacturing surveys showed an increase in activity in July.

New York: The Federal Reserve Bank of New York’s Empire State Manufacturing Survey showed an increase of nearly 22 points in its general business conditions index, bringing it to 5.5—the first positive reading since February. The survey was conducted July 2–10.

• New orders rose, as did shipments, which also reached their highest level in several months. The inventories index likewise showed an increase, though the supply availability index stayed below zero, indicating that supply chains are still under pressure.
• Meanwhile, the survey showed that firms have hired more, with the index for the number of employees rising nearly five points to 9.2. However, prices remain high, with the prices paid index climbing nine points to 56.0.
• Lastly, manufacturers’ outlook seemed to brighten. The index for future general business conditions ticking up to 24.1.

Philadelphia: The Federal Reserve Bank of Philadelphia’s Manufacturing Business Outlook Survey also showed encouraging results in July. Its current general activity index turned positive, rising 20 points to 15.9—the highest reading since February. The survey was conducted July 7–14.

• The new orders index and the current shipments index also both increased, posting their highest readings since February as well.
• The employment index rose 20 points to 10.3, rebounding from a decline in June. Prices paid, however, increased 17 points to 58.8.
• As in the New York survey, manufacturers seemed more upbeat about the future in July. The index for future general activity rose slightly to 21.5, after a 29-point plummet in June.